Monday, August 15, 2022

130 crore Shiba Inu burns in a week, will it affect the price?

The burning of Shiba Inu tokens is not seeming to stop. Millions of SHIB tokens are being burnt every day. For the burning of this token, the SHIB project in collaboration with Ryoshi Vision launched the Shiba Inu burn portal, through which the holders who burned the token were also promised rewards. However, the community has also complained about the delay in getting the rewards. Even after this, the burning of tokens has not decreased. A tracker that tracks burning activity claims that 1.13 billion (130 crore) SHIB tokens have been burned within seven days.

Shibburn informed on Sunday that 130 crore tokens have been burned by Shiba Inu holders. Token burning means that these tokens are permanently removed from the main circulating supply. The impact of the burning is seen as a positive effect on the price of the token in the long run. If you are thinking that 130 crore tokens is too much, then let us tell you that this is only 0.0002% of SHIB’s total circulating supply of 550 lakh crores.

According to Gadgets 360 Crypto Price Tracker, Shiba Inu Token is currently trading at Rs.0.000998. If the value of 130 crore Shiba Inu tokens is about 12 lakhs according to the current price.

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Earlier, on July 26, more than 174 million Shib Inu tokens were burnt in 24 hours. This type of burning has been happening continuously for the last few weeks.

Apart from this, let us tell you that Shopping.io is offering free shipping to Shiba Inu holders. Along with this, they are also being given a 2% discount. This offer is valid for two weeks. Customers shopping on Shopping.io who pay with Shiba Inu will get a special 2 percent discount and free shipping. For payment, the company uses a popular payment gateway called CoinPayments.

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Shopping.io, launched in 2020, gives customers access to shop in over 200 cryptocurrencies. Its customers can shop by paying in crypto from major online shopping platforms like Amazon, eBay, Walmart etc. The company claims that with the help of blockchain technology, it can increase the efficiency of the supply chain. To shop from Shopping.io, the user has to register himself by creating an account on the platform. After that users can go to the dashboard and shop online from the platforms of various companies and use cryptocurrencies for payment.

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